PW Eagle Inc. said it agreed to be acquired by J-M Manufacturing for $33.50 per share in a move that would combine two of the largest users of resin in North America. The deal is valued at about $400 million.

J-M Manufacturing, headquartered in Livingston, N.J., operates 14 plastic pipe manufacturing facilities and serves customers throughout North America. Based in Eugene, Ore., PW Eagle operates 12 plastic pipe manufacturing facilities in eight states and serves customers throughout the United States.

“With manufacturing facilities throughout North America, the combined company will have broader geographic reach, offer an expanded product line, and deliver value to customers and end users in new and innovative ways,'' said Walter W. Wang, president and chief executive officer of J-M Manufacturing. “PW Eagle enjoys long-term relationships with its customers because it serves them effectively and efficiently. J-M Manufacturing and PW Eagle have many shared strengths, including a belief in the vital role our products play in safely delivering drinking water, electricity, gas, and other essentials. With this merger, we are even better positioned to bring value and passion to the pipe industry in serving the growing needs of our society.''

J-M Manufacturing CEO Wang met with manufacturers' reps for PW Eagle in Eugene, Ore., last week. PW Eagle employees, PW Eagle manufacturers' reps and top executives from J-M Manufacturing attended the meeting.

PW Eagle first told investors in May it hired financial adviser Morgan Joseph & Co. to help look for a buyer. The board of directors of PW Eagle unanimously approved the merger agreement with J-M Manufacturing and is recommending that its shareholders approve the merger.

The deal is subject to customary closing conditions, including the receipt of regulatory approvals, and approval by PW Eagle's shareholders.